Tagum Cooperative Cooperative Union of Taguig and
Financial Service Cooperative Pateros (COUNTPA)
1. Sequence of Audited Statement of Management
Financial Statements Responsibility for Financial
Statements
Independent Auditors Report
Statement of Financial Condition
Statement of Operations
Statements of Changes in Members
Equity
Statement of Cash Flows
Notes to Financial Statements
2. Presentation, Line Item Statement of Financial Condition
Sequencing, and There is no proper classification
Framework Compliance of whether the assets and liabilities are
Financial Statements current or non-current. However, line
items are arranged according to liquidity
which is based on MC 2015-06: Philippine
Financial Reporting Framework for
Cooperatives Chapter 4 section 2
Their financial condition in 2015
increased compared to 2014.
The Members Equity stated only
the total amount of each account title.
Information regarding the matter can
only be seen in the Notes to Financial
Statements
Statement of Operations
The main source of income is
interest though they have other sources
of it, that is why the presentation starts
with Interest income followed by interest
expenses since this is a financial service
cooperative.
There are no other peculiar
accounts
The net surplus of the
cooperative is distributed to the
following:
Statutory funds:
1. General reserve fund
2. Cooperative Education and
Training Fund
3. Community Development Fund
Optional funds
Interest on Capital and Patronage Refund
The allocation of net surplus
complied with MC 2015-06 Chapter 16
Statement of Management
Responsibility for Financial
Statement
Statement of Management
Responsibility for Annual Income
Tax Return
Report of Independent Auditor
Statement of Representation
Statement of Financial Condition
Statement of Financial Operations
Statement of Cash Flows
Notes to Financial Statements
Statement of Financial Condition
Assets and liabilities are
properly classified whether they are
current or non-current which is based
on MC 2015-06: Philippine Financial
Reporting Framework for Cooperatives
Chapter 4 section 2
liabilities, as separate
classifications in its statement of
financial condition
Their financial condition in
2016 decreased compared to 2015.
The Members equity states the
total amounts and the information
regarding the matter can be seen in the
notes, except for the statutory funds
because the breakdown is already
presented in the face of the Statement
of Financial Condition.
Statement of Financial Operations
There is no other income
indicated.
The presentation of items starts
with revenues followed by expenses
Expenses are presented based
on the function of expense as stated in
MC 2015-06 Chapter 5 Statement of
Operations Section 3 Analysis of
Expenses.
There is a peculiar account
called "Subsidize Expenses from
Member's CETF Funds". This is an
additional line item which is included
and in accordance with MC 2015-06:
Philippine Financial Reporting
Framework Chapter 5 Section 2
The net surplus of the
Allocation and Distribution of Net cooperative is distributed as follows:
Surplus. However, only the amount Statutory funds:
allocated is presented in the statement 1. General reserve fund (10%)
because the other information is 2. Cooperative Education and
presented in the Statement of changes in Training Fund (5%)
Equity and Notes to Financial Statements. 3. Community Development Fund
(3%)
Due to Union/Federal (5%)
Optional funds (7%)
Members CETF Subsidy Fund (70%)
The allocation of net surplus
complied with MC 2015-06 Chapter 16
Allocation and Distribution of Net
Surplus. The percentages of each
allocation is presented in the face of
the statement as well as the amount
while the other information can be
Statement of Changes in Members seen in the notes to financial
Equity statements
Accounts are properly stated.
There is a computed Donated
Capital. Statement of Changes in Members
The breakdown of net surplus Equity
distribution can be seen in the face of the The Union did not provide
statement. Statement of Changes in Members
Statutory funds: Equity.
4. General reserve fund
5. Cooperative Education and
Training Fund
6. Community Development Fund
Optional funds:
1. Land and Building
fund/Information Technology
Program Seed Fund

Statement of Cash Flows

The cooperative used the indirect
method of presenting the Statement of
Cash Flows which complies with MC
2015-06 Chapter 7 Statement of Cash Statement of Cash Flows
Flows Section 4.1 The cooperative used the indirect
method of presenting the Statement of
Notes to Financial Statements Cash Flows which complies with MC
Although the cooperative 2015-06 Chapter 7 Statement of Cash
disclosed how they used the accounting Flows Section 4.1
policies it did not enumerate what
specific accounting standards they used. Notes to Financial Statements
There is no disclosure regarding The entity disclosed the specific
managements significant accounting accounting standards they used as well
judgments and estimates. as how they used it in the presentation
All other disclosures are present of line items in accordance with PFRS
and complies with MC 2015-06 Chapter 8 for SMEs and MC 2015-06 Chapter 8
Notes to Financial Statements. Notes to Financial Statements Section 3
Disclosure of Accounting Policies.
There is a disclosure regarding
managements significant accounting
judgments and estimates which
complies with MC 2015-06 Chapter 8
Notes to the Financial Statements
Section 4 Information about
Judgments and Section 5
Information about key sources of
estimation uncertainty.
All other disclosures are present
and complies with MC 2015-06 Chapter
8 Notes to Financial Statements.
Financial Instruments such as
Financial assets and liabilities are
recognized and measured in
accordance with MC 2015-06 Chapter
10 Financial Instruments
Plant Property and Equipment
as well as its depreciation is recorded in
accordance with MC 2015-06 Chapter
14 Plant, Property, and Equipment.